~aarveeDENIMS AND EXPORTS LTD.

(GOVT.RECGD.EXPORT HOUSE)

Regd. Office: 191, Shahwadi, Narol - Sarkhej Highway, Nr. Old Octroi Naka, Narol, Ahmedabad.-382405.Ph : +91 -79 -68147000, Fax: + 91 -79 -68147152 CIN: L17110GJ1988PLC010504

E-mail: info@aarvee-denims.com • Website: www.aarvee-denims.com

Date: 14.02.2020

To,The Manager (Listing)The Bombay Stock Exchange Ltd.Phiroze Jeejeebhoy Towers,Dalal Street,Mumbai - 400001Company Code: 514274 (BSE)

To,The Manager (Listing)The National Stock Exchange of India Ltd"Exchange Plaza"Bandra-Kurla ComplexMumbai - 400 051Company Code: AARVEEDEN(NSE) I

Dear SirI Madam,

Sub: Outcome of Board Meeting held on February 14, 2020 and filing of Unaudited FinancialResults for the Third Quarter ended December 31, 2019.

With reference to captioned subject and as per the provisions of Regulation 30 of SEBl (Listing Obligationsand Disclosure Requirements) Regulations, 2015, outcome of Board Meeting is as under:

1. The Board has approved the Un-audited Financial Results of the Company for the Third Quarter endedon 31stDecember, 2019 as recommended by Audit Committee.

2. Mr. Shankarlal Dalaji Purohit (DIN: 08671858) has not been appointed as the Independent Director.since he has expressed his unwillingness for the same.

Further, pursuant to Regulation 33 of the Listing Regulations, 2015, we enclosed herewith copy of thefollowing.

a) Copy of Staridalone and Consolidated Unaudited Quarterly Financial Results of the Company forthe quarter ended 31StDecember, 2019 prepared in accordance with Ind AS and taken 011 recordand approved by the Audit Committee and the Board of Directors of the Company at their meetingheld on 14th February, 2020;

b) Copy of Limited Review Report on the above referred Unaudited Quarterly Financial Results of theCompany for the quarter ended 31st December, 2019 issued by Mis. Shah & Shah Associates,Chartered Accountants;

The Meeting was started at 4:00 P.M. and the same has been concluded at 6:45 P.M.

Please take note of the same on your record.

Dars haker( omp~ny Secretary & Compliance Office(M.NO:A46919)Encl: a.a.

AARVEE DENIMS AND EXPORTS LTD.Regd. Office. 191, Shahwadi, Narol Sarkhej Highway, Narol, Ahmedabad-382 405. Phone No: 079-30417000, Fax No: 079-30417070,

EmaillD:inro@aarvee-denims.com. Website: www.aarvee-denims.com, ClN No: L17110GJl988PLCOI0504

CONSOLIDATED

ParticularsQUARTER ENDED NINE MONTHS ENDED YEAR ENDED

DEC 31, 2019 SEPT 30, 2019 DEC 31,2018 DEC 31, 2019 DEC31,2018 MARCH 31, 2019(Unaudited) (Unaudited) (Unaudited) (unaudited) (Unaudited) (Audited)

l. Income:

Revenue from operations 11,031.06 16,696.92 17,572.19 44,439.77 56,796.80 74,790.29

Other operating revenue 63.02 109.90 98.00 234.76 304.67 365.23

11. Other income 61.61 39.74 24.77 139.84 235.97 278.51

III. Total revenue (I + II) 11,155.69 16,846.56 17,694.96 44,814.37 57,337.44 75,434.03

IV. Expenses:

Cost of materials consumed 5,668.78 9,639.56 10,307.39 27,269.79 36,672.03 47,043.53

Changes in inventories of finished goods and work in progress 676.15 1,202.95 208.82 1,249.84 (3,367.45) (3,824.30)

Employee benefits expense 800.84 1,265.35 1,246.95 3,458.66 4,046.09 5,438.79

Finance costs 1,288.95 1,319.93 1,248.06 3,854.01 3,519.45 4,929.59

Depreciation and amortization expense 959.18 958.10 835.17 2,873.76 2,460.14 3,397.87

Other expenses 2,561.75 4,081.70 3,803.11 11,047.04 13,840.45 18,275.89

V. Total expenses 11,955.65 18,467.59 17,649.50 49,753.10 57,170.71 75,261.37

VI. Profit I (Loss) before Tax (ill- V) (799.96) (1,621.03) 45.46 (4,938.73) 166.73 172.66

vn. Tax expense:

Current tax - - 7.51 39.24 46.19

Deferred tax 19.45 43.30 5.78 42.05 58.14 17.59

VIl1. Profit I (Loss) for the PeriodlYear after Tax (VI-VU) (819.41) (1,664.33) 32.17 (4,980.78) 69.35 108.88

IX. Other comprehensive income (Net of tax) - - - - 34.87

X. Total comprehensive income (Vlf] + IX) (819.41) (1,664.33) 32.17 (4,980.78) 69.35 143.75

XI. Net profit attributable to:

a) Owners of the company (819.41) (1,664.33) 32.17 (4,980.78) 69.35 108.88

b) Non - Controlling interest - - - - - -XII. Other comprehensive income attributable to:

a) Owners of the company - - - - - 34.87

b) Non - Controlling interest - - - - -XIII. Total coprehensive income attributable to:

a) Owners of the company (819.41) (1,664.33) 32.17 (4,980.78) 69.35 143.75

b) Non - Controlling interest - - - - - -XIV. Paid-up equity share capital ( Face value of Rs.l 0 ) 2,345.98 2,345.98 2,345.98 2,345.98 2,345.98 2,345.98

XV. Otber Equity ( excluding revaluation reserve) - - - - - 24,966.57

XVI. Earnings per equity share of face value ofRs. 10 each

Basic & Diluted (in Rs.) (3.49) (7.10) 0.14 (21.23) 0.30 0.46

STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED DECEMBER 31,2019

(Rs in Lakh)

.xure - I

SEGMENTWISE REVENUE,RESULTS AND CAPITAL EMPLOYED (Rs. in Lakh)CONSOLIDATED

QUARTER ENDED NINE MONTHS ENDED YEAR ENDEDSrNo PARTICULARS

DEC 31,2019 SEPT 30, 2019 DEC 31, 2018 DEC 31, 2019 DEC31,2018 MARCH 31, 2019(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)

1 Segment Revenue

a) Textiles 10,662.06 16,034.90 17,383.67 42,747.74 55,042.21 72,706.73

b) Power Generation -Wind fann 432.02 771.92 286.~1 1,926.79 2,059.25 2,448.79

Total Segmental Revenue 11,094.08 16,806.82 17,670.18 44,674.53 57,101.46 75,155.52

Less: Inter Segmental Elimination - - - -Net Salesflncome from operations 11,094.08 16,806.82 17,670.18 44,674.53 57,101.46 75,155.52

1 Segment Profit I (Loss) before Tax & Interest

a) Textiles 288.99 (921.83) 1,225.45 (2,375.04) 2,080.40 3,525.50

b) Power Generation -Wind farm 173.46 593.27 46.31 1,211.32 1,507.29 1,453.51

Lessl(Add) : Inter Segment Elimination - - - - - -Total Segments Result 462.45 (328.56) 1,271.76 (1,163.73) 3,587.69 4,979.01

Less: Interest related to Textiles 1,288.95 1,319.93 1,248.06 3,854.01 3,519.45 4,929.59Lessl(Plus) :Net Unallocable expense I (income) (26.53) (27.45) (21.76) (79.02) (98.49) (123.24)

Total Profit I(Loss) before Tax (799.97) (1,621.03) 45.46 (4,938.73) 166.73 172.66

3 Segment Assets:

a) Textiles 81,091.50 85,503.67 91,438.07 81,091.50 91,438.07 90,564.31

b) Wind farm 5,381.66 5,385.77 5,858.26 5,381.66 5,858.26 5,666.85

Total Assets 86,473.16 90,889.44 97,296.33 86,473.16 97,296.33 96,231.16

4 Segment Liablitiies :

a) Textiles 63,708.51 67,348.97 69,797.21 63,708.51 69,797.21 68,620.66

b) Wind farm 432.22 389.14 260.97 432.22 260.97 297.95

Total Liabilities 64,140.73 67,738.11 70,058.18 64,140.73 70,058.18 68,918.61

NOTE:1 The Unaudited Standalone and Consolidated Financial Results have been reviewed by the Audit Committee and approved by the Board of Directors of the company

at the meeting held on Feburary 14,2020.

2 The above Unaudited Standalone and Consolidated Financial Results have been prepared in accordance with the guidelines issued by the Securities and ExchangeBoard ofIndia ("SEBI") and the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013.

3 The Unaudited Consolidated Financial Results for quarter and nine months period ended December 31,2019 include results of its 100% Subsidiary Company, namely

MIs Aye Ess Spinning Mills Pvt. Limited, Ahmedabad (herien after referred to as "Aye Ess''), Further, during the quarter and nine months period ended December

31,2019, theAye Ess has not started commercial operations and therefore, operating results and segment disclosures are same for standalone as well a consolidated

results for the quarter and nine months period ended December 31,2019.

4 During the quarter, the Company has adopted Ind AS 116-Leases effective from 1st April, 2019 and this did not have any material impact on the financial results ofthe Company.

5 As there is a business loss as per provision of the Income Tax Act, I961, no provision is required to be made for current tax.

6 The previous period's/year's figures have been regrouped and rearranged where necessary, to make them comparable to current period figures.

7 The limited review of unaudited financial result for the quarter and nine months period ended 31 December, 2019 required in terms of clause 33 ofSEBI (Listing

Obligation and Disclosure Requirements) Regulations, 2015 has been carried out by statutory auditors

8 As per requirements of Regulation 33 of the Securities and Exchange Board oflndia, the Company is required to publish financial results. Investors can view the

unaudited financial results ofthe company for the quarter and nine months period ended December 31,2019 on the company's website www.aarveedenims.com or

on www.bseindia.com and www.nseindia.com of the website of Bombay Stock Exchange ('BSE') and National Stock Exchange ('NSE') respectively.

Place: Ahmedabad

Date :14th Feburary, 2020

For, AARVEE DENIMS AND EXPOR'

~~(7~'-~...,VINOD P. ARORACHAIRMAN & MANAGI G DIRECT

(01 : 00007065)

SHAH & SHAH ASSOCIATESCHARTEREDACCOUNTANTS

702, ANIKET,Nr. MUNICIPAL MARKET,

C.G. ROAD, NAVRANGPURA,AHMEDABAD - 380 009.

PHONE: 26465433FAX: 079 - 26406983

Emall: ca@shahandshah.co.ln

Limited review report on Unaudited Quarterly Standalone Financial Results andStandalone Year-to-date Results of AARVEE DENIMS 8t EXPORTS LIMITED underRegulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015

To The Board of Directors ofAARVEEDENIMS 8t EXPORTS LIMITED

1. We have reviewed the accompanying statement of unaudited standalone financial results ofAARVEE DENIMS 8t EXPORTS LIMITED (lithe Company") for the quarter and n i nemonths ended December 31, 2019 (lithe Statement") being submitted by the Companypursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and DisclosureRequirements) Regulations, 2015, read with Circular No. CIRjCFDjFACj62j2016 dated July5, 2016.

2. This statement which is the responsibility of the Company's management and has beenapproved by the Board of Directors, has been prepared in accordance with the recognition andmeasurement principles laid down in the Indian Accounting Standard 34 "Interim FinancialReporting", prescribed under Section 133 of the Companies Act,2013 read with relevant rulesissued thereunder and other accounting principles generally accepted in India and incompliance with Regulations 33 of the Listing Regulations. Our responsibility is to issue areport on the statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on ReviewEngagements (SRE) 2410 'Review of Interim Financial Information Performed by theIndependent Auditor of the Entity', issued by the Institute of Chartered Accountants ofIndia. This Standard req u Ires that we plan and perform the review to obtain moderateassurance as to whether the Statement is free of material misstatement. A review islimited primarily to inquiries of Company personnel and analytical procedures applied tofinancial data and thus provides less assurance than an audit. We have not performed anaudit and, accordingly, we do not express an audit opinion.

4. Based on our review conducted as above, nothing has come to our attention that causes us tobelieve that the accompanying Statement prepared In accordance with applicable accountingIndian Accounting standards prescribed under Section 133 of the Companies Act, 2013, readwith relevant rules issued thereunder and other recognized accounting practices and policieshas not disclosed the information required to be disclosed in terms of Regulation 33 of theSEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI Circulardated July 5, 2016 including the manner in which it is to be disclosed, or that it contains anymaterial misstatement.

PlaceDate

AhmedabadFebruary 14,2020

For SHAH 8t SHAH ASSOCIATESChartered Accountants

FRN:113742W

LAVEPARTNER

Membership Number: 047236UDIN:ol0 OC(:;.(j6~ (SC2608

SHAH &. SHAH ASSOCIATESCHARTERED ACCOUNTANTS

702, ANIKET,Nr. MUNICIPAL MARKET,

c.c, ROAD, NAVRANGPURA,AHMEDABAD - 380 009.

PHONE: 26465433FAX: 079 - 26406983

Emall: ca@shahandshah.co.ln

Limited review report on Unaudited Quarterly Consolidated Financial Results and ConsolidatedYear-to-date Results of AARVEE DENIMS 8t EXPORTS LIMITED under Regulation 33 of the SEBI(Listing Obligations and Disclosure Requirements) Regulations, 2015

To The Board of Directors ofAARVEEDENIMS 8t EXPORTS LIMITED

1. We have reviewed the accompanying statement of unaudited consolidated financial results ofAARVEE DENIMS 8t EXPORTS LIMITED (,the Holding Company') and its subsidiary (the Holdingand its subsidiary collectively referred to as 'the Group') for the quarter and nine months periodended December 31, 2019 ('the Statement'), being submitted by the Holding Company pursuant tothe requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015, as amended ('Listing Regulations').

2. The Statement is the responsibility of the Holding Company's Management and has been approved bythe Holding Company's Board of Directors. The Statement has been prepared in accordance with therecognition and measurement principles laid down in Indian Accounting Standard 34 "InterimFinancial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, andother accounting principles generally accepted in India and in compliance with Regulation 33 of theListing Regulations. Our responsibility is to issue a report on this Statement based on our review.

3. We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410,"Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issuedby the Institute of Chartered Accountants of India. This Standard requires that we plan and performthe review to obtain moderate assurance as to whether the Statements are free of materialmisstatement. A review of interim financial information consists of making inquiries; primarily ofpersons responsible for financial and accounting matters, and applying analytical and other reviewprocedures. A review is substantially less in scope than an audit conducted in accordance withStandards on Auditing and consequently does not enable us to obtain assurance that would becomeaware of all significant matters that might be identified in an audit. Accordingly, we do not express anaudit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended,to the extent applicable.

4. These consolidated financial results include results of the following subsidiary:Mis. Aye Ess Spinning Mills Private Limited (a wholly owned subsidiary company).

5. Based on our review conducted and procedures performed as stated in paragraph 3 above, and basedon consideration of the review report of other auditors, nothing has come to our attention that causesus to believe that the accompanying Statement, prepared in accordance with the recognition andmeasurement principles laid down in the aforesaid Indian Accounting Standard and other accountingprinciples generally accepted in India, has not disclosed the information required to be disclosed interms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015, as amended, including the manner in which it is to be disclosed, or that it contains anymaterial misstatement.

AhmedabadFebruary 14,2020

For SHAH 8t SHAH ASSOCIATESChartered Accountants

FRN:ll 2W,

PlaceDate

UNIL K.DAVEPARTNER

Membership Number: 047236UDIN: .(f)04;; -<J 6~f3 co( 60 g